Great-West Lifeco Inc. (Great West or the Company) today announced its Q1 2026 results.

"Great West built on the strong momentum established last year, delivering double-digit earnings growth across all segments in the first quarter of 2026," said David Harney, President and CEO, Great West. "Amid heightened market volatility, we executed against all of our medium-term financial objectives, including achieving a base ROE above 19% for the first time. Robust cash generation supported continued share repurchases during the quarter, and we retain significant financial flexibility to deploy more capital through the remainder of the year."

Base earnings1 of $1,239 million and $1.37 per common share2 in the first quarter, up 20% from $1,030 million and 23% from $1.11 a year ago. The strong results reflected continued momentum in our Retirement and Wealth lines of business, led by Empower, alongside sustained strength in Capital and Risk Solutions (CRS) new business volumes. Base earnings growth was further supported by improved insurance experience in CRS and improved credit experience, as well as elevated trading activity.

Net earnings of $1,192 million in the first quarter ($860 million a year ago) or $1.32 per common share reflected favourable market experience, offset by business transformation impacts.

Highlights

For reporting purposes, Great West's consolidated operating results are grouped into five reportable segments â?? United States, Canada, Europe, Capital and Risk Solutions and Corporate â?? reflecting the management and corporate structure of the Company. For more information, refer to the Company's Q1 2026 Management's Discussion and Analysis (MD&A).

UNITED STATES

CANADA

EUROPE

CAPITAL AND RISK SOLUTIONS

QUARTERLY DIVIDENDS

The Board of Directors (or Directors) approved a quarterly dividend of $0.67 per share on the common shares of Great West, payable June 30, 2026, to shareholders of record at the close of business June 2, 2026.

In addition, the Directors approved quarterly dividends on Great West's preferred shares, as follows:

For purposes of the Income Tax Act (Canada), and any similar provincial legislation, the dividends referred to above are eligible dividends.

For the first quarter, the Company repurchased 8.8 million shares for $567 million. Share repurchases are made subject to market conditions, the Company's ability to effect the purchases on a prudent basis, applicable laws and the availability of other strategic opportunities. The current NCIB program commenced on January 6, 2026 and permits Great West to purchase for cancellation up to 20 million common shares.

Analysts' Estimates

The average estimate of base earnings per share and net earnings per share for the quarter among the analysts who follow the Company was $1.31 and $1.25, respectively.

Q1 2026 Conference Call

Great West's first quarter conference call and audio webcast will be held on Thursday, May 7, 2026 at 9:30 a.m. ET.

The live webcast of the call will be available at 1st Quarter 2026 â?? Conference Call and Webcast or by calling  1-647-932-3411 or 1-800-715-9871 (toll-free in North America). To join the conference call without operator assistance, please register and provide your phone number here.  

A replay of the call will be available on May 7, 2026 until May 14, 2026. To listen to the replay, call 1-647-362-9199 or 1-800-770-2030 (toll-free in North America), entry code 7944052.

Selected consolidated financial information is attached.

ABOUT GREAT WEST

Basis of presentation

Cautionary note regarding Forward-Looking Information

Cautionary note regarding Non-GAAP Financial Measures and Ratios

FINANCIAL HIGHLIGHTS (unaudited)(in Canadian $ millions, except per share amounts)

BASE AND NET EARNINGS

For a further description of base earnings, refer to the "Non-GAAP Financial Measures and Ratios" section of this document and the Company's first quarter of 2026 Interim Management's Discussion and Analysis.

NON-GAAP FINANCIAL MEASURES AND RATIOS

Non-GAAP Financial MeasuresThe Company uses several non-GAAP financial measures to measure overall performance of the Company and to assess each of its business units. A financial measure is considered a non-GAAP measure for Canadian securities law purposes if it is presented other than in accordance with generally accepted accounting principles (GAAP) used for the Company's consolidated financial statements. The consolidated financial statements of the Company have been prepared in compliance with IFRS Accounting Standards as issued by the IASB. Non-GAAP financial measures do not have a standardized meaning under GAAP and may not be comparable to similar financial measures presented by other issuers. Investors may find these financial measures useful in understanding how management views the underlying business performance of the Company.

Base earnings (loss)Base earnings (loss) reflect management's view of the underlying business performance of the Company and provides an alternate measure to understand the underlying business performance compared to net earnings.

Base earnings (loss) exclude the following items from net earnings:

 

Assets under administration (AUA), assets under management or advisement (AUMA), assets under administration only (AUAO) and client assets

Assets under administration, assets under management or advisement and client assets are non-GAAP financial measures. These measures provide an indication of the size and volume of the Company's overall business. Administrative services are an important aspect of the overall business of the Company and should be considered when comparing volumes, size and trends.

Total assets under administration includes assets under management or advisement (AUMA), assets under administration only (AUAO), the total of which is total client assets, and other balance sheet assets.

Client assets represents the total client assets under management or advisement plus assets under administration only for the Company's Retirement and Wealth lines of business.

Client assets are classified as AUMA where the Company earns a fee for one or more of the following services: investment management services for proprietary funds or institutional assets, discretionary portfolio management on behalf of clients, and/or the provision of financial advice. AUMA relate to the Company's Retirement and Wealth lines of business only.

Refer to the "Glossary" section of the Company's first quarter of 2026 Interim MD&A for the definition of AUAO.

Other balance sheet assets include insurance contract assets, reinsurance contract assets, goodwill and intangible assets, other assets, as well as the portion of invested assets and investments on account of segregated fund policyholders not included within total client assets.

Pre-tax operating incomeThis measure represents base earnings before financing costs, tax, depreciation and amortization for Lifeco's Retirement and Wealth lines of business. It assists in explaining our results from period to period and measures profitability. There is no directly comparable measure under IFRS so it is not possible to provide a reconciliation to the most directly comparable IFRS metric.

NON-GAAP RATIOSA non-GAAP ratio is a financial measure in the form of a ratio, fraction, percentage or similar representation that is not disclosed in the financial statements of the Company and has a non-GAAP financial measure as one or more of its components. These financial measures do not have a standardized definition under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers.

The non-GAAP ratios disclosed by the Company each use base earnings (loss) as the non-GAAP component. Base earnings (loss) reflect management's view of the underlying business performance of the Company and provides an alternate measure to understand the underlying business performance compared to net earnings.

SOURCE Great-West Lifeco Inc.

SOURCE: Great-West Lifeco Inc.

For more information: Media Relations: Tim Oracheski, 204-946-8961,
media.relations@canadalife.com; Investor Relations: Shubha Khan, 416-552-5951,
shubha.khan@canadalife.com

COMTEX_478656355/2197/2026-05-06T17:01:00